DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 15—discontinued operations

The table below reflects the activity related to the Company’s discontinued operations.  The revenues, expenses and all other statement of operations activity in discontinued operations, including the gains and losses on dispositions, have been classified as “Income (loss) from discontinued operations, net of tax” and “Net losses (income) allocable to noncontrolling interests from CFVs and IHS – related to discontinued operations” on the consolidated statements of operations. 

During the first quarter of 2013, a non-profit entity (that is consolidated by the Company) sold a property that was classified as held-for-sale on the consolidated balance sheet at December 31, 2012. The sale generated $20.1 million of net cash proceeds which were used to redeem the bond financing held by TEB and to repurchase certain debt investments held by the Counterparty, as discussed in Note 7, “Derivative Financial Instruments.” As a result of the sale, the Company recognized a gain on sale of the real estate of $5.0 million of which $1.4 million was allocable to noncontrolling interests as reflected in the first six months of 2013.

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2013		2012		2013		2012
Sublease income	$	123	$	369	$	492	$	738
Other income		201		83		291		167
Income from CFVs (primarily rental income)		-		1,612		465		3,219
Income from REO operations		-		2		-		57
Rent expense		(123)		(369)		(492)		(738)
Other expenses		(94)		32		(372)		65
Expenses from CFVs (primarily operating expenses)		-		(2,060)		(556)		(4,099)
Other gains		81		-		81		-
Income tax expense		-		-		-		-
Income (loss) from operations		188		(331)		(91)		(591)
Disposal:
Net gains related to CFVs		230		-		5,226		-
Net income (loss) from discontinued operations		418		(331)		5,135		(591)
Loss (income) from discontinued operations allocable to noncontrolling interests		-		653		(1,190)		1,289
Net income to common shareholders from discontinued operations	$	418	$	322	$	3,945	$	698

The details of net income to common shareholders from discontinued operations for the three months and six months ended June 30, 2013 and 2012 are as follows:

	For the three months ended June 30,				For the three months ended June 30,
(in thousands)	2013		2012		2013		2012
Interest income	$	-	$	264	$	101	$	528
Other income		188		58		852		170
Net gains on redemption of bonds		230		-		2,992		-
Net income to common shareholders from discontinued operations	$	418	$	322	$	3,945	$	698